Syngenta acquires Goldsmith Seeds for $74m

International agribusiness firm Syngenta has signed an agreement to buy US flower seed producer Goldsmith Seeds for $74 million (£45 million).

The transaction is expected to be finalised early next year, pending regulatory approvals.

Syngenta will maintain the Goldsmith brand, which centres on breeding and production of bedding and pot plants especially Cyclamen, Impatiens and Petunia, under the Syngenta Flowers umbrella.

This acquisition is a perfect strategic fit with Syngenta Flowers and it significantly increases our proprietary flower seed portfolio, said Syngenta head of business development Robert Berendes. The Goldsmith family has built up a world-class breeding company with an outstanding reputation that is known for its consistent quality. This acquisition further strengthens our leadership position in the global flowers industry.

President of Goldsmith Seeds Joel Goldsmith said: We are very excited about joining Syngenta. The agreement will secure a robust future for Goldsmith products and employees as well as growth opportunities in a changing, consolidating environment.

Goldsmith Seeds has been owned and operated by the Goldsmith family since 1962.
Reported sales in 2007/2008 were $50 million (£30.7 million) and the company employs 1,500 staff. Breeding and production facilities are in California and Guatemala.

Syngenta Flowers breeds and markets flower seeds, young plants and cuttings for the ornamental industry. In 2007 the firm reported flowers sales of $272 million (£167 million).

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